The dollar is rising, driven by the increase in oil prices due to conflicts in the Middle East and boosting safe-haven assets.

The dollar rose as escalating conflicts in the Middle East pushed up oil prices and prompted investors to seek safe-haven assets. The International Energy Agency confirmed on Wednesday a report that the organization will release 400 million barrels of oil from its emergency reserves, the largest release in history. However, analysts at Danske Bank stated in a report that the market does not believe this move will stabilize oil prices. The report expressed concerns that "both the short-term supply situation and the increasing risk of prolonged effects as producers in the region continue to shut down production." Rising oil prices benefit the United States as a net oil exporter and reduce market expectations for a rate cut in the US. The DXY dollar index rose 0.2% to 99.381.